I'd be looking hard for rust - check the floor pans and especially the frame stubs. Grab a refrigerator magnet and run it along the bottom edges of the doors, fenders, rockers and quarter panels. Open the doors and check the bottoms of them for rust. Take a flashlight and look up a the passenger's side above the heater for cowl vent rust - another place that can cost you dearly with these cars.
The engine parts are the easiest and cheapest items to fix but bodies can eat you alive. I'd be looking for a $2,000 - $5,000 sale.
I subscribe to a magazine that gives auction results and a 1966 Mustang coupe was shown that the owner claimed that he tossed $57,000 into restoring the car and received a Gold award at a Mustang Club of America Grand National show and it sold for $28,600. If he isn't lying about his investment, he just lost almost $30,000 on that sale.
Bill Krieger
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